Make Money with my savings account??

Question

I have Bank of America...I have a regular savings account..I only have about less than 2,000 currently...any advice on anything I can do to earn money while keeping what I have in savings, money market, etc? I'm new to this so I don't know much!

Answer 1

Your savings account is probably earning you a very small amount in interest each year.  You can increase that amount in you invest the same money in a different type of account, but the bigger the reward, the bigger the risk.

It's up to you how much you are willing to risk, how much you need to gain, and how long it will be before you need to access that money.

A money market mutual fund (which is slightly different thant he money market savings account offered by your bank) can offer small but steady interest - you risk nothing, but can gain a small growth each year.  It's a good choice if you won't need to access the money except in an emergency, and can wait a few days to transfer the funds.

You'll feel more comfortable if you do your own reading - get some investment books at your local library.  Read just three books to get a feel for the topic, you'll feel much more confident.  The Dummies/Idiots guides are a great place to start.  Beware of any author than offers quick returns and easy millions - these usually involve a high amount of luck and risk.  David Ramsey, David Bach, and Suze Orman all offer more reliable and practical investment and money management advice.

Answer 2

not knowing any thing about you will assume you are an adult --- you can by a cd for 1000 and it should be paying around 3.37 which is at twice what your savings account is paying and it is still real safe -- what you do is buy one for 6 months and one for 12 months hopefully in 6 4 6 months you can come up with another 1k to get another ladder cd!!!

Answer 3

Ask a teller or personal banker at a branch what the current rates are on Savings and CD's. If you are willing to put 1000 dollars away for a minimum of 1 year, the bank has a pretty sweet promotion right now, much much much higher than your regular savings is earning. Your best bet is to just ask, they are happy to help you!